As of March 31, 2024

Portfolio Snapshot
Total Investment1 $1.2B
Number of Investments1 50
Number of Properties3 174
Geographical Location 18 U.S. States

Investment Type Number of Investments1 Number of Properties1 Amount1
Direct Operating and Net Lease Investments 48 48 $ 1.1B
Unconsolidated Investments 12 126 $123.8MM

Investment Type: Direct Operating and Net Lease Investments

Number of Investments: 48
Number of Properties: 48
Amount $ 1.1B


Investment Type: Unconsolidated Investments

Number of Investments: 12
Number of Properties: 126
Amount $123.8MM

Direct Operating Investments1, 3

Facility Type

Geographic Location

Direct Operating and Net Lease Investments
Investment # of Properties1DateFacility

Direct Operating and Net Lease Investments

Winterfell 32May 2015/
Mar 2016
ILF12 States$748.4MM
Rochester4, 6 2Aug 2017ILF
Rochester, NY$46.8MM
Arbors 4Sep 2014ALFLong Island, NY$98.3MM
Avamere 5Feb 2017ALFOregon & Washington$94.8MM
Aqua4 4VariousILF
Texas & Ohio$85.1MM
Oak Cottage 1Feb 2017MCFSanta Barbara, CA$18.7MM
Unconsolidated Investments
Investment Joint Venture Partner(s)# of
Type 3

Unconsolidated Investments

Trilogy5 American Healthcare REIT, Inc.126Dec 2015Integrated Campus4 States23.8%$123.4MM

Integrated Campus: ALF: Assisted Living | ILF: Independent Living | MCF: Memory Care | Integrated Senior Health Campus

Pinebrook | Milford, OH
Oak Cottage | Santa Barbara, CA
Winterfell | South Colleyvine Ranch | Grapevine, TX

NorthStar Healthcare owns the properties pictured. 1) For direct investments, amount represents gross real estate carrying value, net of impairment, before accumulated depreciation as presented in NorthStar Healthcare's consolidated financial statements as of March 31, 2024. For unconsolidated investments, amount represents the carrying value of the investments in unconsolidated ventures as presented in NorthStar Healthcare's consolidated financial statements as of March 31, 2024. 2) Excludes NorthStar Healthcare's 20.0% minority interest in Solstice Senior Living, LLC, a management platform formed with Integral Senior Living, LLC exclusively to manage our Winterfell portfolio. 3) Classification based on predominant type of services provided at each property, but may include other services. 4) NorthStar Healthcare owns a 97% and affiliates of Watermark own a 3% non-controlling interest in the Rochester and Aqua portfolios. 5) Property count includes properties owned and leased by the joint venture and excludes its institutional pharmacy and therapy businesses. 6) Excludes the seven healthcare real estate properties, securing seven individual mortgage notes payable, which were placed into a receivership in October 2023.